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India
- Iceland Economic and Commercial Relations
Bilateral
Trade India - Iceland
Exports from India to
Iceland in 2002 (US$ 32.5 million) constituted 1.2%
of total Icelandic imports. These constituted mainly
of Organic Chemicals 75%, apparel and clothing 7.12%,
textile yarns 3.76%, medical and pharmaceuticals 3.5%,
manufacture of metals 2.23%. (Total 91.81%).
Iceland's exports to
India in 2002 (US$ 0.56 million) constituted just 0.02%
of total exports which were mainly of cod oil (95%),
textile fibres and wastes (3.72%).
The bilateral trade
figures for Iceland - India are
|
Year
|
Imports from
India
(in Million US$)
|
Exports to India
(in Million US$)
|
Total Trade
(in Million US$)
|
|
2000
|
8.00
|
0.23
|
8.23
|
|
2001
|
16.6
|
0.59
|
17.19
|
|
2002
|
32.5
|
0.56
|
33.06
|
Though figures of bilateral
trade doubled each year over the last three years, this
is not commensurate with our potential and there are
possibilities of increasing this substantially.
There are as of now
only two India-Iceland joint ventures. One is that of
Sæplast, for production of fish tubs/containers,
and the other in the field of IT.
Possibilities of joint
ventures/collaboration exists between India and Icelandic
firms in building of fishing boats, software, pharmaceuticals,
food processing etc.
Icelandic experience
of developing hydrogen fuel cells , geothermal energy,
is of relevance to India.
Similarly, Iceland's
technology of anticipating seismological volcanic activity
is of relevance to India.
In the field of biotechnology,
Iceland's work in decode Genetics is another area of
potential cooperation.
Source: Indian High Commission,
Iceland
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